EU military spending reaches a record $260 Bn in 2022

The military spending of European Union (EU) has reached a record 240 billion euros ($260 billion) last year in the face of Russia’s war on Ukraine.

The figure represented an overall increase of six percent (6%) on 2021 as the EU’s 27 member states ratcheted up their purchases of new hardware.

The European Defence Agency (EDA) said six countries had increased their spending by over 10 percent (10%), with NATO applicant Sweden splashing over 30 percent (30%) more.

Further according to EDA, an all-time high of 58 billion euros was allocated in the EU to defence investments in 2022 towards the procurement of new equipment.

But there had been a slight decrease in the amount spent on research and technology development.

Noteworthy, EU countries have exhausted their defence supplies sending weaponry worth tens of billions of euros to Ukraine to help it fight Russia.

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